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What is the dollar amount of the entry on december

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On November 1, 2021, Catella Inc lent $200,000 to the president at 9% interest for 6 months. The company has a december 31 year end and records adjusting entries annually. The president pays interest on the 1st of every month

The company uses the balance sheet method to record adjusting entries

Problem 1: What is the dollar amount of the entry on December 31?

Problem 2: What type of adjusting entry did the company make?

Reference no: EM132993564

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